Cleanspark (NASDAQ:CLSK) Trading 11.1% Higher – Here’s What Happened

Cleanspark, Inc. (NASDAQ:CLSK)’s share price shot up 11.1% during mid-day trading on Monday . The company traded as high as $14.65 and last traded at $14.4710. Approximately 5,284,991 shares were traded during mid-day trading, a decline of 78% from the average session volume of 23,653,891 shares. The stock had previously closed at $13.03.

Analyst Upgrades and Downgrades

CLSK has been the subject of several recent analyst reports. Chardan Capital restated a “buy” rating and set a $19.00 target price on shares of Cleanspark in a research note on Wednesday, July 15th. Keefe, Bruyette & Woods raised their price target on Cleanspark from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings downgraded shares of Cleanspark from a “sell (d)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Cantor Fitzgerald raised their price target on Cleanspark from $17.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Needham & Company LLC boosted their price objective on shares of Cleanspark from $18.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $22.34.

Cleanspark Stock Performance

The stock’s 50-day moving average is $15.30 and its 200-day moving average is $12.44. The company has a debt-to-equity ratio of 1.81, a current ratio of 8.26 and a quick ratio of 8.26. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -6.97 and a beta of 3.83.

Cleanspark (NASDAQ:CLSK) last released its earnings results on Monday, May 11th. The company reported ($1.52) EPS for the quarter, missing the consensus estimate of ($0.25) by ($1.27). Cleanspark had a negative net margin of 67.66% and a positive return on equity of 7.07%. The business had revenue of $136.41 million during the quarter, compared to analyst estimates of $145.35 million. During the same quarter in the previous year, the company posted ($0.49) earnings per share. The business’s revenue for the quarter was down 24.9% compared to the same quarter last year. Analysts anticipate that Cleanspark, Inc. will post -1.19 EPS for the current fiscal year.

Institutional Investors Weigh In On Cleanspark

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Situational Awareness LP increased its holdings in Cleanspark by 648.4% in the 1st quarter. Situational Awareness LP now owns 12,276,139 shares of the company’s stock valued at $104,470,000 after purchasing an additional 10,635,739 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cleanspark by 81.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,102,777 shares of the company’s stock valued at $120,007,000 after buying an additional 6,323,715 shares during the last quarter. Marex Group plc grew its holdings in Cleanspark by 23,812.2% during the 4th quarter. Marex Group plc now owns 5,400,561 shares of the company’s stock worth $54,654,000 after acquiring an additional 5,377,976 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in Cleanspark in the third quarter valued at about $56,056,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Cleanspark in the 4th quarter valued at approximately $26,125,000. 43.12% of the stock is currently owned by institutional investors and hedge funds.

About Cleanspark

CleanSpark, Inc (NASDAQ: CLSK) is a leading energy software and services company specializing in advanced microgrid controls and distributed energy resource (DER) management. The firm develops proprietary software platforms designed to optimize power flows across on-grid and off-grid installations, integrating renewable generation, battery storage, and traditional generation assets. CleanSpark’s technology is used by utilities, commercial and industrial enterprises, and remote facilities seeking to enhance energy resilience, reduce operating costs, and achieve sustainability goals.

In addition to its core software offerings, CleanSpark provides end-to-end engineering, procurement and construction (EPC) services.